Home Sales Rose In January As Easing Mortgage Rates, Inventory Enticed Homebuyers –The Associated Press

The Associated Press

Sales of previously occupied U.S. homes rose in January as homebuyers seized upon easing mortgage rates and a modest pickup in properties on the market.

Existing home sales rose 3.1% last month from December to a seasonally adjusted annual rate of 4 million, the National Association of Realtors® said Thursday. 

The modest sales increase is an encouraging start for the housing market, which has been mired in a slump the past two years. Still, compared with January 2023, sales fell 1.7%. Existing home sales sank to a nearly 30-year low last year, tumbling 18.7% from 2022.

"While home sales remain sizably lower than a couple of years ago, January's monthly gain is the start of more supply and demand," said Lawrence Yun, the NAR's chief economist.

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